G20 Cannes Summit: Priorities

The overall priority for the French Presidency was to provide support for the sweeping changes that the global economy was experiencing, particularly given the rise of the major emerging countries.

The main priorities of the French Presidency were:

1. To reform the International Monetary System (IMS) by :

• Creating instruments aimed at preventing excessive currency volatility and the accumulation of imbalances;
  
  
• Enhancing the co-ordination among G20 members on exchange rates;
  
  
• Designing mechanisms - international guarantees and multilateral instruments – aimed at protecting emerging countries against the risk of a sudden and massive withdrawal of international capital;
  
  
• Promoting the diversification of FX reserves and currencies used for the denomination of commodities;
  
  
• Reviewing the conventional doctrine of free capital flows through new multilateral rules.

2. To strengthen financial regulation, especially in non-banking financial institutions and regulation concerning financial market integrity and transparency.

3. To find collective solutions in order to reduce excessive commodity price volatility and enhance food security, focusing on:

• A better organisation of markets for agricultural products;  
  
  
• An enhanced regulation of derivative markets in raw materials in order to curb speculation; and
  
  
• Measures aimed at stemming energy price volatility.
  
  

4. Supporting employment and strengthening the social dimension of globalisation.

5. To ensure that the Anti-Corruption Action Plan adopted in Seoul will produce concrete results and real progress starting in 2011.

6. To support infrastructure development and to enhance food security in the most vulnerable countries.

OECD Secretary-General, Angel Gurría with French President, Nicolas Sarkozy at the G20 Cannes meeting in 2011. ‌‌